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Virus Confirms the Importance of Fiscal Responsiblity

jonny5 said:
This crisis has further confirmed the need for fiscal responsibility, both at the govt and personal level.

First, at the govt level, All of the freebies govt is giving away are not free. Viral tests are not free. There are people, facilities, and resources costing hundreds of millions. Paid time off, food, and other needs are not free. We have a trillion dollar deficit, so all of this is being borrowed. And has to be repaid with taxation, with interest. If the govt was not wasting hundreds of billions already on interest due to decades of debt on things we dont need, a short term emergency expenditure from cash reserves would be nothing.

And all of that wouldnt even be necessary if people would personally get their finances in order. Stop wasting money on things you cant afford. Stop borrowing hundreds of thousands of dollars. Stop using your credit card for coffee. Stop having children you cant afford. Pay off your debt. Save 6 months of expenses.

Hopefully this is a wake up call for EVERYONE to become debt free and cash positive.
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The cost of debt/interest repayment is a combination of taxation, currency deflation, and price inflation. Unlike personal loans, there appears to be no intent in repayment of principal.

You have made an excellent point, but it's one many if not most people are unwilling to accept as necessary. After all, our Federal government has the ability to create money out of thin air, thanks to the Federal Reserve Act, and the ability to directly tax individuals to recoup a portion to be redistributed thanks to the 16th amendment, while the 17th amendment effectively collectivized our Nation for control to be applied along party lines Nationally.

Government acts, and people react, many simply by voting for the candidates who promise them the most benefits and others by reactions which will provide them the greatest benefits regardless of who or which party gains control of our Federal government.
 
jonny5 said:
This crisis has further confirmed the need for fiscal responsibility, both at the govt and personal level.

First, at the govt level, All of the freebies govt is giving away are not free. Viral tests are not free. There are people, facilities, and resources costing hundreds of millions. Paid time off, food, and other needs are not free. We have a trillion dollar deficit, so all of this is being borrowed. And has to be repaid with taxation, with interest. If the govt was not wasting hundreds of billions already on interest due to decades of debt on things we dont need, a short term emergency expenditure from cash reserves would be nothing.

And all of that wouldnt even be necessary if people would personally get their finances in order. Stop wasting money on things you cant afford. Stop borrowing hundreds of thousands of dollars. Stop using your credit card for coffee. Stop having children you cant afford. Pay off your debt. Save 6 months of expenses.

Hopefully this is a wake up call for EVERYONE to become debt free and cash positive.
Click to expand...

THis economy as well as the current global world order is dead.....surely you understand that much....
 
Hawkeye10 said:
THis economy as well as the current global world order is dead.....surely you understand that much....
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Our economy cannot die unless the Federal government ceases to spend money it produces and/or acquires from those who have earned it.
 
Individual said:
Our economy cannot die unless the Federal government ceases to spend money it produces and/or acquires from those who have earned it.
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I dont know where you heard that but you should look into getting your money back.
 
Hawkeye10 said:
I dont know where you heard that but you should look into getting your money back.
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And I don't know where you heard that the economy is dead, but if you were to open your eyes you might find that it isn't true. I very well intend to get some of my money back from where I put it, with interest. Long ago I found living within my means to result in a constantly improving life style, regardless of intervals of good or bad times. As such, I am able to benefit in both good and bad times.


Be Smart! The rewards are greater.
 
Individual said:
And I don't know where you heard that the economy is dead, but if you were to open your eyes you might find that it isn't true. I very well intend to get some of my money back from where I put it, with interest. Long ago I found living within my means to result in a constantly improving life style, regardless of intervals of good or bad times. As such, I am able to benefit in both good and bad times.


Be Smart! The rewards are greater.
Click to expand...

I did not hear that the economy is dead, I am telling you that it is dead, that the next depression is here, and that it is likely to be long.
 
Hawkeye10 said:
I did not hear that the economy is dead, I am telling you that it is dead, that the next depression is here, and that it is likely to be long.
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If true, I will take advantage of the opportunities presented. If not true, I'll find other opportunities to take advantage of.
You sound like you just aren't well prepared for life's unexpected/unwanted events.
 
Individual said:
If true, I will take advantage of the opportunities presented. If not true, I'll find other opportunities to take advantage of.
You sound like you just aren't well prepared for life's unexpected/unwanted events.
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I am not happy to see Civilization collapse on my watch.

SUE ME
 
Hawkeye10 said:
I am not happy to see Civilization collapse on my watch.

SUE ME
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Calm down, Civilization is NOT going to collapse. On your watch?

Why would I or anyone want to SUE YOU?
 
Individual said:
Calm down, Civilization is NOT going to collapse. On your watch?

Why would I or anyone want to SUE YOU?
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So then you flunk both paying attention and comprehension...

Oh Well.....
 
Hawkeye10 said:
So then you flunk both paying attention and comprehension...

Oh Well.....
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I'll concede you were correct as soon as Civilization collapses.
How many days have we left?
 
jonny5 said:
This crisis has further confirmed the need for fiscal responsibility, both at the govt and personal level.

First, at the govt level, All of the freebies govt is giving away are not free. Viral tests are not free. There are people, facilities, and resources costing hundreds of millions. Paid time off, food, and other needs are not free. We have a trillion dollar deficit, so all of this is being borrowed. And has to be repaid with taxation, with interest. If the govt was not wasting hundreds of billions already on interest due to decades of debt on things we dont need, a short term emergency expenditure from cash reserves would be nothing.

And all of that wouldnt even be necessary if people would personally get their finances in order. Stop wasting money on things you cant afford. Stop borrowing hundreds of thousands of dollars. Stop using your credit card for coffee. Stop having children you cant afford. Pay off your debt. Save 6 months of expenses.

Hopefully this is a wake up call for EVERYONE to become debt free and cash positive.
Click to expand...

You are speaking of people, how about corporate america? Once again our government is talking about saving their arses.
 
bongsaway said:
You are speaking of people, how about corporate america? Once again our government is talking about saving their arses.
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It's more than just talk, watch as their debt becomes our debt.
 
Moonglow said:
That's even better..
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Exactly, welcome to the world of crony capitalism. As we speak, congress is debating how much (borrowed) public funding shall go to which "troubled" industry sector. Any bets as to who has more lobbyists pleading for their cause between the airline industry giants and the mom & pop restaurants/bars in your town?
 
jonny5 said:
This crisis has further confirmed the need for fiscal responsibility, both at the govt and personal level.

First, at the govt level, All of the freebies govt is giving away are not free. Viral tests are not free. There are people, facilities, and resources costing hundreds of millions. Paid time off, food, and other needs are not free. We have a trillion dollar deficit, so all of this is being borrowed. And has to be repaid with taxation, with interest. If the govt was not wasting hundreds of billions already on interest due to decades of debt on things we dont need, a short term emergency expenditure from cash reserves would be nothing.

And all of that wouldnt even be necessary if people would personally get their finances in order. Stop wasting money on things you cant afford. Stop borrowing hundreds of thousands of dollars. Stop using your credit card for coffee. Stop having children you cant afford. Pay off your debt. Save 6 months of expenses.

Hopefully this is a wake up call for EVERYONE to become debt free and cash positive.
Click to expand...

The ship has already sailed. If this pandemic itself doesn't throw us into another Great Depression, the ensuing debt will.
 
ttwtt78640 said:
Exactly, welcome to the world of crony capitalism. As we speak, congress is debating how much (borrowed) public funding shall go to which "troubled" industry sector. Any bets as to who has more lobbyists pleading for their cause between the airline industry giants and the mom & pop restaurants/bars in your town?
Click to expand...

When I ran a business the govt. never once bailed me out from an economic decline over thirty five years. So I just stole my own money from the govt.
 
jonny5 said:
This crisis has further confirmed the need for fiscal responsibility, both at the govt and personal level.

First, at the govt level, All of the freebies govt is giving away are not free. Viral tests are not free. There are people, facilities, and resources costing hundreds of millions. Paid time off, food, and other needs are not free. We have a trillion dollar deficit, so all of this is being borrowed. And has to be repaid with taxation, with interest. If the govt was not wasting hundreds of billions already on interest due to decades of debt on things we dont need, a short term emergency expenditure from cash reserves would be nothing.

And all of that wouldnt even be necessary if people would personally get their finances in order. Stop wasting money on things you cant afford. Stop borrowing hundreds of thousands of dollars. Stop using your credit card for coffee. Stop having children you cant afford. Pay off your debt. Save 6 months of expenses.

Hopefully this is a wake up call for EVERYONE to become debt free and cash positive.
Click to expand...

Americans do need to wake up. There is not even the slightest possibility the US government will be able to pay back its debt which is mushrooming even as we speak. Americans are along for the bad fiscal ride and the ride is going to hit a brick wall at high speed, likely sooner rather than later. There will be no avoiding the inevitable end. Like the law of gravity, humans cannot dismiss laws of economics as if they don't exist with all their repercussions.
 
Moonglow said:
When I ran a business the govt. never once bailed me out from an economic decline over thirty five years. So I just stole my own money from the govt.
Click to expand...

Are you suggesting that you were less than honest in giving the correct percentage of your income to the government? ;)
 
jonny5 said:
This crisis has further confirmed the need for fiscal responsibility, both at the govt and personal level.

First, at the govt level, All of the freebies govt is giving away are not free. Viral tests are not free. There are people, facilities, and resources costing hundreds of millions. Paid time off, food, and other needs are not free. We have a trillion dollar deficit, so all of this is being borrowed. And has to be repaid with taxation, with interest. If the govt was not wasting hundreds of billions already on interest due to decades of debt on things we dont need, a short term emergency expenditure from cash reserves would be nothing.

And all of that wouldnt even be necessary if people would personally get their finances in order. Stop wasting money on things you cant afford. Stop borrowing hundreds of thousands of dollars. Stop using your credit card for coffee. Stop having children you cant afford. Pay off your debt. Save 6 months of expenses.

Hopefully this is a wake up call for EVERYONE to become debt free and cash positive.
Click to expand...

For many, debt free and cash positive are not the same thing. If I can borrow $3K, buy a riding lawn mower, string trimmer and leaf blower to make $10K/year (in tax-free cash by doing some local lawn maintenance "chores") with it then that is not a bad reason to (briefly) incur some debt.
 
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